a 1-year loan at 6% ended up costing \$144 in simple interest.how much money was borrowed a.\$1,400 b.\$1,800 c.\$2,200 d.\$2,400
I=Prt; 144=P*.06; P=144/.06; P=2,400. The amount that she borrowed is d. \$2,400.
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debnjerry|Points 55116|
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Updated 1/22/2014 7:05:08 PM
Confirmed by debnjerry [1/22/2014 7:05:08 PM]
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Updated 1/22/2014 7:02:09 PM
Miguel borrowed \$1,800 for 2 years and ended up paying \$180 in simple interest. The interest rate was 5%.

I=Prt
180=1800*r*2
180=3600*r
r=180/3600
r=0.05 or 5 %
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